Original-Research: Nynomic AG (von NuWays AG): Kaufen
26 April 2024 - 9:06AM
EQS Non-Regulatory
Original-Research: Nynomic AG - von NuWays AG
Einstufung von NuWays AG zu Nynomic AG
Unternehmen: Nynomic AG
ISIN: DE000A0MSN11
Anlass der Studie: Update
Empfehlung: Kaufen
seit: 26.04.2024
Kursziel: EUR 52.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
High single-digit €m order confirms growth prospects
Nynomic’s subsidiary m-u-t GmbH has received a high single-digit
order, which should translate into sales over the course of
FY24/25e. Most importantly, this coupled with the recently
announced product launch of the LabScanner Plus, a bulk-testing
tool for pharmaceutical companies, strongly underpins the company’s
growth prospects and expected growth acceleration.
In detail, Nynomic will provide an existing customer (no details
provided) with a solution to further improve the efficiency and
accuracy of gas analysis in the customer's application. The order
in the high single-digit €m range (eNuW, € 7-8m) will partially
still be recognized as sales this year, the remainder in FY25e.
Further, this should allow Nynomic to book follow-on orders during
the next few years, eNuW.
This bodes well with our expected growth acceleration for FY24e.
Mind you, last year’s growth stood at only 1%, largely as a result
of the lumpy nature of parts of the group, partially longer sales
cycles and customers’ inventory normalizations. For FY24e, we
expect 12% yoy growth (8% organic) on the back of a number of
drivers including (1) unbroken demand from semi customers, (2)
fulfilment precision farming orders, (3) TactiScan gaining
traction, (4) a structurally growing medtech market and (5) new
product launches such as LabScanner Plus.
Bright mid-term prospects. Last year, management issued a new
mid-term (3-5 years) guidance expecting sales to reach € 200m with
a 16-19% EBIT margin. The implied 11-19% sales CAGR with a 3-6pp
margin increase is a reflection of the company's recent operational
efforts, i.e. broadening the technology offering through
partnerships, in-house development and acquisitions but also the
integration of recurring components (e.g. cloud solutions) in its
products.
Acquisitions could serve as additional catalyst. As per its
growth strategy, Nynomic should be looking to acquire 12 companies
(technological and geographical diversification) during the next
six months. Thanks to its strong balance sheet, we also regard
bigger targets (~ € 20m sales) as possible.
Valuation remains attractive. At roughly € 29 per share, Nynomic
is trading on a mere 9.6/7.1x EV/ EBIT 2024/25e. Taking into
consideration the company’s strong balance sheet and the growth
prospects underpinned by its mid-term guidance, this looks
unjustified, in our view. We confirm our BUY rating with an
unchanged € 52 PT and keep the stock on our Alpha List.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/29531.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie
hier downloaden www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse:
Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
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AG.-------------------
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